Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Mo-Kan Regional Council, under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Mo-Kan Regional Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of Mo-Kan Regional Council.
Expenditures reported on the Schedule are reported on accounting principles generally accepted in the United States of America (accrual basis). Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or 0MB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Mo-Kan Regional Council has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The calculation of expenditures of federal awards for the Economic Development Administration Assistance Revolving Loan grant program is as follows: Balance of RLF Loan-COVID 19 outstanding as of June 30, 2025 Cash Balance in RLF as of June 30, 2025 Administrative expense paid out of RLF income during fiscal year Subtotal Federal Share of the RLF Expenditures of federal awards $ 418,062 45,982 29,504 493,548 100% $ 493,548